You will benefit most by developing a close business relationship where the broker understands your future plans, the associated risks and how to go about it.

When buying insurance people take shortcuts without seeking proper advice, understanding the fine print or considering whether they are getting value for money. Often they end up with cover they don't need and worse – without the cover they really do need.

Whether it's business, life, home or motor insurance, qualified brokers provide advice and assistance to make sure you are properly protected. Dealing with a broker doesn't necessarily cost more. Rather, it would cost less dealing with brokers who have knowledge of the insurance market and the ability to negotiate competitive premiums on your behalf. A broker will also explain your policy and any special situations you need to watch out for.

When selecting a broker there are some basic questions you need answers. For example:

  • Your risk exposures?
  • Which of those need insurance?
  • What would the cost of insurance be?
  • Coverage but more importantly the exclusions & fine prints?
  • Market intelligence inputs & service benchmarking of the underwriters?
  • Ability to design your insurance plan, analyse quotes & speedy execution?
  • Insurance portfolio MIS support?
  • Risk Management, claims settlement services, etc., support?
  • Any special services? For example, special risk management / risk audit services, technical advice, etc., needed?